San Francisco-based ride-hailing firm Uber, which recently partnered with Singapore’s top taxi operator ComfortDelGro Corp Ltd, has dismissed report of its exit from the Indian market as “baseless speculation”. “Our business in India is stronger than ever and we are 100% committed to serving our riders and driver partners in India,” an Uber spokesperson said.
SoftBank’s Views on Uber
A SoftBank’s top executive had said the Uber should focus on recovering its market share in the US and growing in key European markets, to have a faster path to profitability. SoftBank, which recently took larger stake in Uber is also the largest shareholder in Ola.
Uber existing unprofitable countries was not solely about cutting its losses but that growth prospects were more promising in its core markets, said SoftBank board member Rajeev Misra.
Returning to Focus on the Auto Segment
“An exit from the Indian market seems impossible since there are global rollouts of the company’s products being tested in the Indian market and Uber India has also made a return to focusing on the auto segment,” an Uber employee told ET.